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Cryptocurrency News Articles
Paxos Integrates with Arbitrum to Enhance Its Presence in Ethereum's Ecosystem
Sep 10, 2024 at 10:03 pm
Stablecoin issuer Paxos will integrate with Arbitrum (ARB), the Ethereum layer-2 scaling solution, in a move aimed at expanding its reach within the Ethereum ecosystem.
Stablecoin issuer Paxos is integrating with Arbitrum (ARB), the Ethereum layer-2 scaling solution, in a move designed to expand its presence within the Ethereum ecosystem. In a press release on Sept. 10, Paxos announced that this marks its first integration with a layer-2 network.
The development is set to enable the onboarding of real-world assets onto the blockchain, increasing the utility and accessibility of digital assets for enterprises and institutions, the press release states. However, Paxos did not specify which products it plans to roll out on the network.
Launched in 2021, Arbitrum has deployed over $2.5 billion in total value locked (TVL) and boasts more than 520,840 active on-chain addresses as well as nearly 700 decentralized applications, according to data from DefiLlama. Arbitrum’s fintech partnership lead, Luke Xiao, highlighted the importance of this collaboration, stating that Paxos has chosen to “bring their stablecoin issuance and regulated tokenization platform to Arbitrum.”
Paxos eyes stablecoin growth as SEC investigation ends
Walter Hessert, head of strategy at Paxos, said that with the collaboration, the firm aims to accelerate the integration of real-world assets into the blockchain, adding that “in the next three years, the adoption of stablecoins by both retail and institutional users will explode.”
This announcement follows the conclusion of a U.S. Securities and Exchange Commission (SEC) investigation into Paxos over its Binance-branded stablecoin, Binance USD. As reported by crypto.news earlier, the SEC had issued a Wells Notice in February 2023, accusing Paxos of offering unregistered securities through BUSD and later ordering the firm to cease minting.
The inquiry, which was part of the broader “Operation Choke Point 2.0” crackdown on crypto service providers, has now been closed, enabling Paxos to shift its focus toward its new initiatives.
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